On April $17,2021,$ the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $$2,910,000.$ The company expects to extract $970,000$ tons of coal during a four$-$year period. During $2021,350,000$ tons were extracted and sold immediately.

Required:

$1.$ Calculate depletion for $2021.$

$2.$ Is depletion considered part of the product cost and included in the cost of inventory?